Land Securities Positive over Progress

Land Securities is continuing to make solid progress when it comes to the leasing of most of its development projects as well as its investment portfolio as a whole, according to its most recent quarterly interim management statement. Land Securities has also been able to recycle some of its capital via the sales of profitable assets and is not slowing down when it comes to the creation of new development opportunities in either its London or Retail Portfolios.

The sale of Central London office space in the form of 110 Cannon Street, EC4, which was sold almost as soon as construction had actually just begun, has also allowed the REIT to further its solid momentum on its development pipeline. Demolition is also now underway at both 60 Ludgate Hill and 30 Old Bailey in the Square Mile in order to make way for the creation of two brand new buildings which will, in total, create no less than 375,000 square feet of new office space in the area. The two new buildings are expected to be completed by December 2013.

Land Securities has also received revised planning permission for minor changes that will enable it to continue with the construction of 20 Fenchurch Street from the current ground works to completion, which is expected to occur by around April 2014. Plans are also progressing for the development scheme on Kingsgate House.

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